The cheque was handed over to Maharashtra Chief Minister Devendra Fadnavis by M.L.Sukhdeve, president of the bank. The Cooperative Minister of Maharashtra Subhash Deshmukh was with the chief minister at the time of check handover.

Earlier, the chief minister had announced that the amount of loan waiver, under Chhatrapati Shivaji Maharaj Shetkari Sanman Yojana, would be deposited directly in farmers’ bank accounts.

Maharashtra State Co-operative Bank (MSCB) also handed over the Dividend Warrant of Rs 10 crore towards the share capital of the State Government.

Chairman Maharashtra State Cooperative Bank (MSCB) has hailed the decision calling it a historic move that seeks to benefit both-co-op banks and farmers. As farmers would have their loan waived off, co-op banks which had no hope of recovery would get the reimbursement from the govt, he said.

There are 31 District Central Cooperative Banks (DCCBs) in Maharashtra with more than 3 thousand branches with deposits of about Rs 74,000 crore.